Strategic Planning
Final Exam Questions
Course Introduction
Strategic Planning is a course that introduces students to the key concepts, frameworks, and tools necessary for developing and implementing effective organizational strategies. Through real-world cases and interactive exercises, students learn how to conduct environmental and internal analyses, articulate vision and mission statements, set long-term objectives, and formulate actionable strategies. Emphasizing both analytical rigor and creative problem-solving, the course prepares students to navigate complex business environments, make data-driven decisions, and drive sustainable competitive advantage within organizations across various industries.
Recommended Textbook Strategy 4th Edition by Bob de Wit
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Page 2
Chapter 1: What is Strategy
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Q1) Strategic formation involves:
A) Managers organizing their strategizing activities to achieve a successful strategy formation process
B) Structuring the organization to ensure it supports the strategy
C) Aligning the strategic control measures to monitor implementation
D) Gaining the support of stakeholders and shareholders for the proposed strategy
Answer: A
Q2) The manner in which strategies come about is referred to as the strategy process.
A)True
B)False
Answer: True
Q3) The critical outcome measure of strategy is:
A) Customer retention
B) Performance
C) Employee turnover
D) Environmental sustainability
Answer: B
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Chapter 2: Strategic Objectives
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Q1) A strategy map:
A) Tells you where the organization is headed
B) Explores possible cause-and-effect relationships and the associated CSFs
C) Is an industry analysis
D) Explores the location of strategic groups
Answer: B
Q2) Key performance indicators (KPIs)are:
A) The same as CSFs
B) Unrelated to CSFs
C) Lower level incremental targets
D) Determined by competitor activity
Answer: C
Q3) In emergent strategies objectives may exist but may be implicit rather than explicit. A)True
B)False
Answer: True
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Chapter 3: Governance,Ethics & Corporate Social Responsibility
in Strategy
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Q1) Some CSR advocates who question the motives of firms implementing CSR are pleased that:
A) Firms are embarking on some tangible CSR journey
B) CSR's legitimacy is rising on the organizational agenda
C) By adopting codes of conduct (even if only for "window dressing" purposes), they create a set of criteria against which they can be judged
D) All of the above
Answer: D
Q2) Companies have had their CSR policies certified by MGOs that might otherwise be hostile.
A)True
B)False Answer: True
Q3) Relative power is the most critical criteria for prioritizing the demands of stakeholders.
A)True
B)False Answer: True
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Chapter 4: Culture and Strategy
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Q1) Prospector type organizations:
A) Look to break new ground
B) Prefer high-risk strategies
C) Are externally rather than internally focused
D) All of the above
Q2) How might MNCs benefit from cultural differences within their organizations?
Q3) Power distance is best defined as:
A) The degree of social inequality
B) The identity of an individual is not based on the identity of his or her collective group
C) Sex role differentiation
D) The extent to which people accept ambiguous situations
Q4) Culture is so fundamental to strategy because it:
A) Affects behaviour unconsciously
B) Is a capability that can influence competitive advantage
C) Is integral to market analyses
D) Identifies how barriers to entry will be assessed
Q5) What are the three people aspects of culture that shape how it materializes in organizations?
Q6) What are the four most important manifestations of culture?
Page 6
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Chapter 5: The Internal Environment
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Q1) When the link between a company's resources and its competitive advantage is poorly understood a state of ________ exists.
A) Causal ambiguity
B) Market uncertainty
C) Poor management
D) Strategic uncertainty
Q2) It is easier to imitate intangible resources/capabilities than tangible ones.
A)True
B)False
Q3) Given enough time,any firm's competitive advantage can be imitated by its competitors.
A)True
B)False
Q4) Compared to tangible resources,intangible resources are:
A) Of less strategic value to the firm
B) Not the focus of strategic analysis
C) A superior source of core competencies
D) More likely to be reflected on the firm's balance sheet
Q5) Explain the value chain and how it can be used to help firms develop competitive advantages.
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Chapter 6: The External Environment
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Q1) If there are many sellers but only a few buyers,the sellers tend to have the most bargaining power.
A)True
B)False
Q2) The five forces model over-emphasizes threats and downplays opportunities.
A)True
B)False
Q3) Related and supporting industries are called _________ and they are an additional force that can impact the competitiveness of an industry.
A) Complementors
B) All-rounders
C) Customizers
D) Supporters
Q4) One of the benefits of having a cost advantage is that it serves as barrier to entry.
A)True
B)False
Q5) What are high exit barriers and how do they affect the competition within an industry?
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Chapter 7: Business-Level Strategy
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Q1) Drivers of an effective differentiation strategy include:
A) Product and service features
B) The cost-efficient production of a commodity
C) The relative importance of search goods in the industry
D) Economies of scale
Q2) A company with a low-cost position generally needs to give little thought to economies of scale or capacity utilization. These are more important to firms that choose to differentiate.
A)True
B)False
Q3) A risk of the differentiation strategy is that the firm's means of differentiation may eventually not provide value for which customers are willing to pay.
A)True
B)False
Q4) A firm successfully implementing a differentiation strategy would expect:
A) Customers to be sensitive to price increases
B) To charge premium prices
C) Customers to perceive the product as standard
D) To have high levels of power over suppliers
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Chapter 8: Corporate-Level Strategy
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Q1) Vertical diversification results from two companies combining to share supply chains.
A)True
B)False
Q2) Performance continues to increase as diversification increases from single business to unrelated diversification.
A)True
B)False
Q3) What are the major types of decisions that are made in the process of corporate strategy?
Q4) Describe the two fundamental types of diversification.
Q5) Mergers are more likely to be successful if:
A) They are hostile
B) They are friendly
C) They involve high premiums
D) The managers of the acquired firm leave to make way for new managers
Q6) According to Porter (1987),what are the three essential tests that should be applied when assessing whether to enter a new business or acquire one?
Q7) In what ways can head offices destroy value?
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Chapter 9: International Strategy
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Q1) Describe the three roles played by foreign subsidiaries?
Q2) Identify and describe the modes of entering international markets?
Q3) The chief risks in the international environment are political and cultural.
A)True
B)False
Q4) Is "foreignness" a liability or an asset? What causes it to be one or the other?
Q5) The economic interdependence among countries as reflected in the free movement of goods,services,financial capital and knowledge across geographic borders is defined as:
A) Hypercompetition
B) Boundaryless retailing
C) Strategic intensity
D) Globalization
Q6) The growing number of global competitors heightens the requirements to keep costs down and there is the desire for more specialized products to meet customer needs. These two pressures make transnational strategies increasingly necessary.
A)True
B)False
Q7) Identify and describe the major risks of international diversification.
Page 11
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Chapter 10: Competitive Rivalry & Competitive Dynamics
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Q1) Define competitors,competitive rivalry,competitive behavior,and competitive dynamics.
Q2) Which of the following are least likely to result in collusion?
A) High concentration ratio
B) Heterogeneous products
C) High entry barriers
D) High market commonality
Q3) The capability to attack in multiple markets throws the firm off balance leaving it vulnerable to rivals and thus reducing value.
A)True
B)False
Q4) Identify the competitive risks associated with cooperative strategies.
Q5) Identify the three types of corporate-level cooperative strategies.
Q6) Competitors are more likely to respond to competitive actions that are taken by:
A) Differentiators
B) Larger companies
C) First movers
D) Market leaders
Q7) Define competitive actions and responses and explain the two types of competitive actions and responses.
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Chapter 11: Strategic Leadership
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Q1) In the context of strategic management,a leader is someone who by influencing others has an ability to take the organization forward to a common purpose.
A)True
B)False
Q2) One of the core responsibilities of strategic leadership is to engage in rational decision making. This means that:
A) Decisions should be made in a cost-efficient manner
B) Decisions are to result in outcomes that are perceived as fair
C) Effective strategy should result from deep, revealing analysis
D) Intuition and personal experience have no place in the decision-making process
Q3) Leadership style need to remain constant throughout the strategy process
A)True
B)False
Q4) A firm's mission tends to be enduring while its vision can change in light of changing environmental conditions.
A)True
B)False
Q5) What are the four primary leadership responsibilities of the CEO?
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Chapter 12: Strategic Failure and Turnaround
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Q1) Through rationalizing the product line an organization can:
A) Increase the variety of products it offers.
B) Reduce the variety of products it offers.
C) Produce new products to replace existing ones.
D) Move into new markets.
Q2) Neglecting the core business when undergoing rapid change will ensure a strong foundation for growth.
A)True
B)False
Q3) A refocusing turnaround strategy enables an organization to:
A) Refocus its efforts gaining greater financial control.
B) Establish greater communication links internally and externally.
C) Concentrate effort on specific customers and specific products, relating the two together.
D) Put even greater effort into its vision and mission.
Q4) What competitive forces could result in a weak competitor being in decline?
Q5) Corporate failure,liquidation and lack of success are synonymous terms.
A)True
B)False
Q6) What are the main features of a sustained recovery?
Page 14
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Chapter 13: Strategic Change
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Q1) Effective strategic change is underpinned by an organization's ability to:
A) Learn
B) Control
C) Monitor performance
D) Communicate
Q2) Small incremental evolutionary changes will not deliver large revolutionary change.
A)True
B)False
Q3) When managing the change process managers and employees should be:
A) Supportive
B) Focused on short-term goals only
C) Forming long-term alliances with stakeholders
D) Postponing any long-term plans
Q4) From a continuous renewal perspective,long-term renewal dynamics are:
A) Not an important issue
B) Will take care of themselves
C) In a persistent transient state
D) Important and must be measured
Q5) Identify five major forces for change.
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Chapter 14: Strategic Implementation
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Q1) The implementation process is unlikely to be successful if ________ are/is not fully aligned:
A) Budgets
B) Marketing
C) Structure
D) Ideas
Q2) What are the four problem areas associated with the successful implementation of strategies?
Q3) ________,power and politics are managed by single colleagues or groups of colleagues who act as peers or peer groups.
A) Externally
B) Internally
C) Horizontally
D) All of the above
Q4) What are the aspects of implementation that can be changed indirectly?
Q5) Functional strategies are detailed action plans for implementing the growth and competitive strategies of the company.
A)True
B)False
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Chapter 15: Organizational Structure and Controls
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Q1) Common feedback control systems include all of the following except:
A) Strategic surveillance
B) Ratio analysis
C) Financial audits
D) Budgets
Q2) Organizations that exhibit intense,high-quality energy are often comfortable,even complacent,and satisfied with the status quo.
A)True
B)False
Q3) An adhocracy can be effective under certain special conditions such as when goals are unclear and there is no set deadline for a task.
A)True
B)False
Q4) The support staff of an organization consists of groups whose activities provide advice and policy input to the core.
A)True
B)False
Q5) What is a matrix structure and when should it be used?
Q6) Identify the key advantages and disadvantages of the functional structure.
Page 17
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Chapter 16: Strategic Entrepreneurship
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Q1) Entrepreneurship:
A) Has a necessarily pragmatic side to it
B) Has a paradigm of innovation
C) Sometimes, focuses on the softer people aspects of activity
D) All the above
Q2) Entrepreneurship is not the exclusive domain of small,young firms.
A)True
B)False
Q3) The industry changes that become an opportunity that an entrepreneur typically seeks to exploit can be:
A) Incremental only
B) Dynamic only
C) Incremental and dynamic
D) All of the above
Q4) Archetypal small businesses begin as entrepreneurial start-ups but then settle into a less entrepreneurial existence,identify their likely characteristics.
Q5) Visionary growth of an entrepreneurial start-up implies discontinuous change and requires visionary leadership,Mintzberg (1973)highlighted four points summarizing this,what are they?
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